Across the world and here in the Caribbean, access to finance is probably the single biggest challenge faced by entrepreneurs and small businesses seeking to invest in viable business opportunities. Because of this, many small businesses never get the chance to get off the ground, enhance operations, expand, innovate or withstand the constant shocks to the economy.
The struggle to obtain credit for many small enterprises is exacerbated by dynamics such as lack of collateral, poor credit ratings and stringent application requirements. Added to this is the fallout from the global financial inflation and pandemic related aftershocks which also affect entrepreneurs’ ability to access financing.
Given this urgent need for community support, Sugar George Inc. is launching a program to provide a route for a selected number of entrepreneurs and small businesses starting with residents of the Bath Estate/Silver Lake and surrounding areas, to get streamlined access to small loans of up to XCD$5,000 per enterprise. The program will work hand-in-hand with the National Co-operative Credit Union.
Sugar George Inc. will collaborate with a special selected committee of resource persons, drawn mostly from the communities, to provide technical and professional guidance to support these entrepreneurs with vital support and insight into marketing, finance and operations to help fuel their success.
Interested entrepreneurs would submit their interest, business venture idea, project outline and supporting budget to this independent review committee comprised of community members and business/finance professionals.
Application is open to Dominican existing or new entrepreneurs of all ages, with special focus on enterprises headed by founders/owners between the ages of 18 and 40 years old. Business presentations can be oral or written based on the preference of the entrepreneur, with some supporting documentation and an interview process with the committee.
Approved applicants would be directed to sign up for the facility at the National Co-operative Credit Union where the loans will be administered at special low interest rates.
